Global Property Guide

Financial Information for Residential Property Buyers

Thai residential property developer Amari Estates has won the lease management contract for Herathera Island Resort in the south Maldives.

The four-star resort is surrounded by a lagoon and has long, white, sandy beaches. It is the only resort on the island of Herathera; guests arrive via a 20-minute speedboat ride from Gan International Airport.

Company president and chief executive officer Yuthachai Charanachitt said that refurbishing and rebranding the resort would cost over 100 million baht (US $3.31 million) but refused to reveal the bid price until the company signs an official agreement on January 15, 2011.

"Turnover is expected to exceed ten billion baht (US$331.4 million), from an estimate of about one billion baht (US$33.1 million) currently.  We are a mixed-used property developer, including hotels, condominiums, and fully furnished serviced apartments,” commented Yuthachai.

The Herathera Island Resort forms part of Amari Estates’ expansion plans in Asia. Future projects include the development of a three-star, 200-room hotel in Koh Samui, Thailand.

The resort, worth six hundred million baht (US$19.8 million), is due to start construction next year, with completion scheduled for 2012.